If last week was the Iran war operating as market background radiation, this weekend turned it into a full emergency broadcast. On Friday, US forces struck over 90 military targets on Kharg Island — the Persian Gulf outcrop handling roughly 90% of Iran's crude exports — while deliberately sparing oil infrastructure. Trump's warning was explicit: open the Strait, or the export terminals are next. Iran responded overnight with intensified drone and missile salvos across the Gulf: a fire broke out at UAE's Fujairah bunkering hub, Kuwait's Al-Jaber Air Base was struck, Qatar and Saudi Arabia intercepted inbound barrages, and the IRGC formally declared US interests in the UAE as legitimate targets. When asked about a deal Sunday morning, Trump was unambiguous: "The terms aren't good enough yet." The week ahead adds six central bank decisions (RBA Tuesday, BOC and FOMC Wednesday, BoJ/SNB/BoE/ECB Thursday) on top of an active conflict that just targeted the world's most strategically sensitive oil export terminal. Every policy signal this week arrives inside that constraint.